Is it bad to apply for to many credit cards. I already have a few cc cards but got a gr8 offer to op

Will it kill my credit rating to have to many open credit cards. I only use 2 or 3 cards and always pay it off but is it bad to open up new ones when they ginve great incentives to. American express offered 300.oo to open aother credit card.

Is it bad to apply for to many credit cards. I already have a few cc cards but got a gr8 offer to open anothecredit check

What hurts your credit is the inquiries when you complete the offer they will run your credit again even if they tell you your pre-approved. This reduces your credit score generally anywhere from 1-5 points per inquiry. If you use more than 10% of your credit limit that can have an affect on your credit as well, until you bring the balances down.

Is it bad to apply for to many credit cards. I already have a few cc cards but got a gr8 offer to open anothe loan

so long as you pay on time its fine.its only bad if you apply and get turned down|||you do not want to many credit card accounts. this will hurt your chance of obtaining car/student loans and mortgages.(depending on your income vs. debt) if you have c.c. accounts open now and a.e. is only offering you 300.00 then i would not open a new account. the mistake you are making is that you always pay off your cards. you need to maintain a 20%-30% balance on all you open accounts if your balance gets up to 50% then immed. pay off your card to 20%-30%. this way you will see your score rise. paying the interest is the price for a good score.|||Why do you need another card? You should have one or two for emergencies. You should pay them in full as soon as you get the bill.

You don%26#039;t need 4 credit cards.|||Yes it can be bad for your credit if you have too many open accounts. Loan officers look at it as potential debt and therefore a higher risk. I once worked for a firm that denied someone who made 6 figures a $10,000 loan b/c he had too much credit out there. I would say stick with 2 or 3 and close the rest.|||Yes, too many cards can hurt your rating. One factor considered in scoring is how much open credit you have available considering your income and employment history.

What is with the $300 incentive to open an account? Or is it an initial $300 credit limit? From AmEx? Read the fine print. American Express does not give away that kind of money.|||The more credit cards you have the better. When you have a lot of cards, all of them increase the credit limits and all the other card companies start sending more, where as to the point that a credit score means nothing, because the credit limits goes up and then it%26#039;s offers to transfer from one credit card to another and get a low interest rate. This can fix credit issues that was on the report, that%26#039;s you need a lower interest rate and are more likely to accept your new 101 card. It gets so good that you get offers from the places you use them, hotels, Disney Land, American Airlines etc...............|||Yes, it is called %26quot;utilization%26quot; and %26quot;capacity%26quot;. Utilization is the percentage of balance to high credit ratios. Example you owe $500 on a credit card with $1000 credit limit is 50%. 50% is good, 75% is not so good. Capacity is the amount of available credit open but not used. The more you have available, the higher risk you are.The inquiries will eventually have less of a impact to your score, each time a account opens the score goes down during the%26quot;too new to rate%26quot; period, typically 90days. The below website is a good source of information about building a better credit file. The Federal Trade Commission. Hope it helps|||In my experience there are two types of Bad Credit Credit Cards. One is a secured card, and the other has a much higher rate of interest. Both can be used to rebuild your credit worthiness after getting back on your feet. Secured credit cards are great for rebuilding your credit. You send the credit card company a pre deposit amount set by the company%26lt;!--This amount will be equal to your credit limit. Pay over your minimum every month and send your payment in before the due date and you will build your credit up gradually. Never miss a payment, be late on a payment, or go over your credit limit even by a small amount.

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You don%26#039;t want the company to ever have to take from your pre deposit amount because they want you to handle your account just like you would an unsecured card. A great thing about this pre deposit amount that you send in is it can act as a savings account even earning a little--%26gt;bit of interest for you. After establishing yourself with the credit card company, they may decide to give you a unsecured credit card or increase the limit on the one you have with them without having to make another deposit. Secured credit cards are a good choice for anyone wishing to rebuild their credit history.